Midnight (NIGHT) is 18.9× the size of Pirate Chain (ARRR) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.09 across 53 shared trading days). Both have run at a similar volatility, around 121% annualised.
ARRRNIGHT
-0.09over 53 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | ARRR | NIGHT |
|---|---|---|
| Max drawdown (400d) | -45.7% | -67.2% |
| Risk-adjusted return (90d) | -0.06 | 1.09 |
Relative strength over 90 days: NIGHT outperformed ARRR by 52.8% — measured on the ARRR/NIGHT ratio, so it holds regardless of market direction.